WEBCE EXAM 2024 WITH VERIFIED SOLUTIONS

Risk correct answerschance of loss Loss correct answersan unplanned reduction in economic value What risk is insurable? correct answerspure risk What are the two types of risk? correct answerspure risk and speculative risk Involves the possibility of a loss? correct answerspure risk Can result in either loss or gain? correct answersspeculative risk Loss correct answersan unplanned reduction in economic value Direct loss correct answersimmediate result of an event involving an insured peril Indirect loss correct answersa loss that results from a direct loss Loss exposure correct answersbeing subject to possible loss Underwriting Process correct answersthe process that determines if the risk proposed for insurance should be accepted or rejected Peril correct answersthe direct cause of a loss and the event that insurance protects against Life & health insurance covered perils include: correct answersdeath, disability, & sickness